HomeLettersForex issue: Bloch has lost the plot

Forex issue: Bloch has lost the plot

DO you have an aspiring Zanu PF apologist disguised as an eminent economist contributing a regular column?

I ask this question in respect of Eric Bloch and m

y question is based on his recent lengthy pontification on the subject of foreign currency auctions.

Does he really believe that Zimbabwe is now operating an honest, transparent and open foreign currency exchange system? Perhaps he does, as he also seems to believe that Gideon Gono’s new monetary policy (a “veritable tour de force” according to Bloch) will eliminate inflation, restore the external value of the Zimbabwe dollar and restore the Zimbabwean economy. He also appears confident that Zimbabwe will now be able to re-engage the IMF and the World Bank.

Perhaps Bloch also believes that the appointment of Didymus Mutasa as a Minister of Anti-Corruption (another veritable tour de force) will eliminate or even significantly reduce the corruption that is so prevalent throughout Zimbabwe’s economy.

Bloch, it seems, has lost the plot – both politically and economically.

Let me remind him that the single most important reason for the precipitous decline of the Zimbabwean economy is the disastrous policies and practices of the regime that has (mis)governed this country for the past 23 years.

Because of its policies the productive base of the economy has been significantly eroded, if not destroyed.

Has Bloch forgotten that the fundamental and most important purpose of any economy is the creation of wealth? Is he unaware that this government has deliberately destroyed or neglected its infrastucture (eg agriculture, transport) misallocated resources to non-productive purposes on a massive scale (examples too numerous to mention), rewarded incompetent acquisitive cronies rather than creative entrepreneurship (examples too well-known to need repeating) and institutionalised corruption etc?

Does he really believe that Gono can wave some magic wand called “new monetary policy” and somehow restore the productive capacity of Zimbabwe’s shattered economy?

Does he really believe that the appointment of Mutasa will remove the cancer of corruption? Where should he start his anti-corruption drive? When Nero was fiddling and Rome was burning would the Roman firefighters have dared criticise the emperor’s negligence?

Get real, Mr Bloch, the only way that the Zimbabwean economy can begin the long, slow, and painful process of recovery is after the removal of the regime that has brought it to its knees.

As has been stated often, the beginning of the restoration of the Zimbabwean economy will be when there is a change of government -and I do not mean some meaningless recycling of failed Zanu PF cabinet ministers. They are the problem – they are not part of the solution.

I can do no better than refer Bloch and other Zanu PF fellow travellers to his fellow columnist Chido Makunike’s comments (Independent, January 9):

“The most tragic way we cheat ourselves as a society in crisis and decline is by pretending that there can be any appreciable way to arrest and reverse our fall as long as Mugabe, his regime and all the negative values that they represent rule Zimbabwe. There can be no regeneration of a genuinely free, peaceful and prosperous Zimbabwe until not just the head of the system, but the system itself is overhauled.”

Perhaps we now have the explanation for Bloch’s opposition to “stay aways” or any serious attempt to peacefully remove this regime – he is part of it.

RES Cook,


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